After several months of talks with their regulator and customers (and plenty of rumors), Fannie Mae and Freddie Mac are coming to the rescue of non-bank mortgage firms that need warehouse credit. An announcement is expected any minute. As long as a lender has a commitment to purchase a newly originated loan from a GSE the capital charge against an outstanding line of credit should not be a problem -- or so we are told. For the full story (with all the details) see the
Fannie Mae and Freddie Mac's oversight chief said that he's displeased with a report that these builders have retreated from serving first-time buyers.
The economy lost 23,000 jobs in July, but the unemployment rate ticked down to 4.1% all the same. The development could embolden both hawks and doves at the central bank.
The lender posted another deep eight-figure loss in the second quarter, and will miss a breakeven goal later this year, interim CEO Daniel Lewis said.
Its success in a tough quarter was not just financial as it gained market share in both purchase and refinance volume to regain the No. 1 originator slot.
After shedding nearly 30% of its workforce in 2022, Envoy has leaned into a referral- and affiliate-based business model through strategic investments.
Rate movements changed market dynamics from early-year forecasts, contributing to risk signals in one out of every 119 applications, according to Cotality.
